控股股东类型与公司绩效——基于中国上市公司的证据被引量：10

Types of Controlling Shareholder and Company Performance:the Certification of Listed Companies of China

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摘要 Using a firm-level dataset from China’s A-share stock market over the period of 2001～2004,this paper examines the effects of large shareholder’s control rights and the separation between control rights and cash flow rights on firm value(Tobin-Q).We find that large shareholders’ control rights are associated with negative “entrenchment effect”.Also we find a negative effect with the separation.but it is different among different owner type:the negative effect is larger for central government-owned and university-owned listed firms,and is smaller for local government-owned and private-owned. Using a finn-level dataset from China＇ s A-share stock market over the period of 2001 - 2004, this paper examines the effects of large shareholder＇ s control rights and the separation between control rights and cash flow rights on finn value （Tobin-Q）. We find that large shareholders＇ control rights are associated with negative ＂entrenchment effect＂. Also we find a negative effect with the separation, but it is different among different owner type： the negative effect is larger for central government-owned and university-owned listed firms, and is smaller for local government-owned and private-owned.

作者王鹏秦宛顺

机构地区北京大学光华管理学院

出处《统计研究》 CSSCI 北大核心 2006年第7期36-40,共5页 Statistical Research

关键词控制权分离水平控股股东控股类型公司绩效

分类号 F279.246 [经济管理—企业管理]

作者简介王鹏（1979.2-）,北京大学光华管理学院应用经济学博士生,主要从事公司治理、财务等方面的研究. 秦宛顺（1936.11-）,北京大学光华管理学院应用经济学系教授,博士生导师,主要从事宏观经济、数量经济等方面的研究.

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参考文献8

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二级参考文献12

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